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E-MarketPlace


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E-MarketPlace

In order to understand the concept of e-marketplace, we must learn first what is market??

A market is a place where buyer meets seller and the exchange of goods or services takes place between them. Every market has following three functions:

  • It matches the buyers and sellers by providing them a platform to interact.
  • It facilitates the exchange of information, goods, services and payments that are associated with market's transactions.
  • It provides a regulatory framework, which helps in the efficient functioning of market.

E-marketplace

E-Marketplace:

It is a place where both buyers and sellers exchange goods or services for money, electronically. E-marketplace is also known as Marketspace. E-marketplace has tremendously modified the processes used in trading and supply chains. Some of its modifications are following:

  • Information Richness: It has made the information more precise and rich.
  • Low Information Search cost: It has tremendously decreased the cost of searching information about a product or services. Now, we can Google anything about which we want to know.
  • Diminished Information Asymmetry: It has demolished the information A-symmetry between buyers and sellers. Now a days, buyers has also information about products as do sellers have.
  • No time limit to Purchase: Now we can buy anything from e-marketplace anywhere and anytime. E-markets are open 24/7.
  • Reduced Distance: E-marketplaces have greatly reduced the distance between buyers and sellers. A buyer can make deal with a seller who would be at the other corner of the world.

Emarketplace

Components Of E-Marketplace:

Following are the components of e-marketplace:

Customers:

The persons who are willing to buy anything using e-commerce platform.

Sellers:

The individuals or organizations which are willing to sell their product or services.

Product & Services:

The product or service is anything that is offered in e-marketplace which might satisfy the customer. The products that can be transformed in the digital format and can be transferred over the internet, is called Digital Product.

Infrastructure:

Front-End:

The part of the e-seller's business process through which customer interact with the seller. For example:

  • Seller's portal.
  • Electronic catalogs
  • Shopping cart.
  • Search engine.

Back-End:

This is the part of e-seller's business process which supports the online order taking. For Example:

  • Inventory Management.
  • Payment Processing.
  • Packaging and Delivery.

Intermediary:

It is the third party which will operate between buyers and sellers.

Business Partners:

It is the commercial entity which has alliance or relation with the organization.

Types Of E-Marketplace:

Following are some types of e-marketplaces:

E-storefront:

It is the website of an individual organization where products or services are sold.

E-mall:

It is the online shopping center where several online stores are available. It has following types:

  • General Malls: The online mall where all types of general products are available.
  • Specialized Malls: The online mall where only some specific products related to a specific category, are available. For example: Automobile Parts Mall.
  • Regional Malls: The online mall which provide their services to people of a specific region or area.
  • Global Malls: The online mall which provide their services to peoples all over the world.

Private e-marketplace:

Online markets which are owned by a single organization. These can be of following two types:

  • Sell-side e-marketplace: It is a private e-marketplace where a company sells its products or services to some specific companies.
  • Buy-side e-marketplace: It is a private e-marketplace where a company purchases from some specific suppliers.

Public e-marketplace:

It is B2B marketplace which is usually managed by a third party. It includes several buyers and sellers. It is also known as Exchange.

Information Portal:

It is the area of a website which has links to access other websites, online databases, journal articles or other publications. It is the point of access on a website through which we can access the business information inside or outside the organization.

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